Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energytransition screen highlights extreme yield dislocation, driven by idiosyncratic sovereign risks, sanctions, and distress across emergingmarket issuers maturing between late 2026 and 2028. Yields to worst span a staggering spectrum of distress, exemplified by extreme tailrisk pricing in names like PetroFalcon (PFCLN 9.75% 2026) yielding over 1,000% alongside doubledigit yields in Orosur Mining (OROSGP 12% 2026). For fixedincome professionals hunting deepvalue or eventdriven situations, the opportunity set also spans sanctionsimpacted Russian credits such as Lukoil (LUKOIL 4.75% 2026) trading near par with tripledigit yields, demanding rigorous credit work on recovery values and cashflow leakage.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 85.03 | 2026-11-15 | NR | USD | 600MM | |
| 2 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 66.34 | 2026-12-20 | No Rating | USD | 318MM | |
| 3 | Petroleos de Venezuela SA | …AR68 | 6 | 329.624 | 84.7 | 2026-11-15 | NR | USD | 4.5BN | |
| 4 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 34.08 | 2028-02-29 | No Rating | USD | 272MM | |
| 5 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 68.69 | 2027-04-12 | NR | USD | 3BN | |
| 6 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.58 | 2026-11-02 | NR | USD | 1BN | |
| 7 | Lukoil International Finance BV | …AL44 | 4.75 | 101.81 | 99.76 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.34 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 56.965 | 72.08 | 2028-11-24 | 2026-10-30 | NR | USD | 495MM |
| 10 | Gaz Finance plc | …1095 | 8.114 | 47.043 | 100.16 | 2170-10-26 | 2027-01-26 | NR | USD | 331MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.